Bitcoin dipped from its record high of $73,634 to $66,699 on March 15th. Analyst Michaël van de Poppe predicts a correction, targeting a price range of $57,000 to $61,000. Despite this, van de Poppe remains optimistic about the broader crypto market, particularly altcoins.
Bitcoin experienced a sharp decline on March 15, falling from its recent all-time high to $66,699, following a peak of $73,634 just days prior. Despite this drop, cryptocurrencies have exhibited impressive growth, soaring by over 60% since the beginning of 2024, when Bitcoin was valued above $45,000. Hold onto your seats, as crypto analysts foresee a significant market shift, with potential price decreases for Bitcoin and a surge in altcoins.
Van de Poppe Predicts Bitcoin Correction and Altcoin Season
Crypto analyst Michaël van de Poppe provides insights into the market, forecasting a correction for Bitcoin with a target range of $57,000 to $61,000. He also suggests the possibility of an “altcoin season” ahead, indicating potential profits for emerging cryptocurrencies.
#Bitcoin remains to have a valid bearish divergence.
This is confirmed by the lower timeframe, lower highs, and clear rejection at $70.5K.
For this correction, I'd be targeting $57-61K, and, likely, we'll have peaked pre-halving.
Altcoin summer is on the horizon. pic.twitter.com/bGmnHcVDnz
— Michaël van de Poppe (@CryptoMichNL) March 15, 2024
In a recent tweet, Van de Poppe pointed out a bearish divergence in Bitcoin prices, noting diminishing highs on lower timeframes and a clear rejection at the $70.5K mark.
According to Van de Poppe’s analysis, Bitcoin may be on track for a correction with downside targets ranging from $57K to $61K. This suggests that the peak for Bitcoin might have already occurred ahead of the upcoming Bitcoin halving event.
Van de Poppe Optimistic About Altcoin Summer
Despite concerns regarding Bitcoin’s trajectory, Van de Poppe maintains optimism about the broader cryptocurrency market, particularly altcoins. He envisions an “altcoin summer” on the horizon, suggesting increased activity and potential profitability for various alternative cryptocurrencies.
Van de Poppe’s insights emerge amidst a backdrop of volatility and uncertainty in the cryptocurrency space. Currently, Bitcoin has marginally recovered from its recent decline, stabilizing at $69,169, with a market cap of 1.36 trillion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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